Summary: Virginia; Appropriation, Moral Obligation; Tax Secured, General Obligation Nov 04

Standard & Poors, November 2004

Abstract
The 'AA+' rating on Virginia Public School Authority's school financing bonds series 2004C and taxable series 2004D, issued for the commonwealth of Virginia, reflects the commonwealth's: Strong credit characteristics, "Sum sufficient" appropriation for debt service on the authority's 1997 resolution bonds, Strong history of appropriations for education, and Default avoidance aspect of its state aid intercept provision. The bonds are secured by: Payments on local GO school bonds purchased by the authority, which are due 15 days before debt service on the authority's bonds; The state aid intercept provision; and The commonwealth's sum sufficient appropriation. An amendment to the authority's enabling act, passed by the General Assembly and signed into law by Gov. James Gilmore in 1998, strengthened the commonwealth's...

Companies mentioned in this report are: Virginia,Virginia Pub Sch Auth
Action: Affirmed
Action: New Rating
Action: Outlook: Stable

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.

This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.

Virginia,Virginia Pub Sch Auth

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